- The Straits Times
The Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) launched Singapore’s first universal QR code on Monday (Sept 17), in a bid to convenience the lives of Singaporeans.
Originally announced in November last year, the QR code called SGQR will allow merchants to no longer have to display multiple QR codes to accept different cashless payment schemes.
Though paying through QR codes is not a new concept, it can get confusing for consumers to keep having to take note of each merchant’s unique code.
The SGQR aims to solve the issue by ensuring that all merchants can use one universal code.
Consumers will also be able to use the national code to scan and transfer funds from as many as 27 e-payment apps such as GrabPay, Dash and Nets.
Companies like Grab and Singtel will now also be able to access Singapore’s interbank instant fund transfer system using the new code.
The code does not support all methods of e-payment for now however, as only 27 e-payment schemes are accepted by merchants using the new QR code.
The 27 supporting e-payment schemes include PayNow, Nets, GrabPay, Singtel Dash, AliPay, American Express, Visa, Mastercard, ez-link, fave, DBS PayLah!, OCBC Pay AnyOne, UOB Mighty, and UnionPay.
The MAS have also appointed a third party to replace the many QR codes currently displayed by merchants with the SGQR label, The Straits Times reported.
The replacement exercise, beginning with merchants in the Central Business District, will start later this month and be completed over the next six months.